THE STATE COMMITTEE FOR COMMUNICATION, INFORMATIZATION AND TELECOMMUNICATION

TECHNOLOGIES OF THE REPUBLIC OF UZBEKISTAN TASHKENT

UNIVERSITY OF INFORMATION TECHNOLOGIES

“FOREIGN LANGUAGES”

DEPARTMENT

“Modern Economics”

The methodical manual for the third year students in the direction of “Economy” and“Management”

Tоshkent -2014

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Тузувчи: “Чет тиллар”кафедраси ассистентиСайдалиева Гулчехра Сайдумаровна.

KIRISH

Ўзбекистон жаҳон иқтисодиётига жадал равишда кириб бораётган бир пайтда хорижий тилларни ўрганиш ва уларни ўргатиш масаласи муҳим ахамият касб этади. 2012 йил, 10 декабрда“Чет тилларни ўрганиш тизимини янада такомиллаштириш чора-тадбирлари тўғрисида”ги ПҚ-1875-сон қарорининг қабул қилиниши булса ушбу йуналишда амалга оширилаётган ишларга мамлакат миқёсида жадаллашишига ва чет тилларидан дарс берувчи ҳар бир ўқитувчига аник вазифаларни юклади.

Мазкур “Modern Economics” The methodical manual for the third year students in the direction of “Economy” and “Management” методик қўлланма ўқувчиларимизга ушбу йуналишда замонавий иқтисодиётда учраб турувчи инглиз тили термин ва сўзларини ўрганишда ёрдам беради деган умиддамиз. Ушбу услубий қўлланма “АКТ соҳасида иқтисодиёт ва менежмент факультети”, “Иқтисодиёт” ва “Менежмент” йўналиши 3-боскич талабалари учун мўлжалланган, у6 та дарсдан иборат. Ҳар бир дарс ўз ичига мутахассисликка оид матн, матнда ишлатилган грамматикага ва лексикага доир машқларни ўз ичига олган.

Мазкур услубий қўлланма талабалар билан мустақил ишлаш, талабанинг ўз йўналиши бўйича билим ва куникмаларини ошириш, берилган мавзулар асосида фикрларини оғзаки нутк орқали ифода этиш, берилган машқлар ёрдамида мавзуни чуқурроқ ўрганиб мустахкамлаш, сўз бойлигини кенгайтириш ва ўқиш техникасини ошириш учун мўлжалланган.

Мавзуни мустахкамлаш учун келтирилган машклар турли кўринишларда булиб талабаларнинг мантикий, граматик ва лексик билим кўникмаларини оширишга, сохага оид терминларни тушиниши ва матн маъносини чуқур таҳлил қилишга қаратилганлиги талабаларнинг соҳага оид мавзуларда фикрини огзаки баён этиш қобилиятини ўстиради.

Ҳар бир дарсда талабаларнинг ёзиш техникасини оширишга мулжалланган машклар берилган. Булар расмий хатлар ёзиш, иншо ёзиш, диаграммаларни тасвирлашдан иборат. Бу машклар оркали талабалар хозирги замонавий талабларга жавоб берувчи ёзув амалларинибажаришади

Услубий қўлланманинг баъзи дарсларида гуруҳларда муҳокама қилиш учун саволлар берилганки, бу талабаларнинг оғзаки нутқини оширишга ёрдам беради.

“АКТ соҳасида иқтисодиёт ва менежмент” факультети илмий услубий кенгашида куриб чикилган ва нашр этишга тавсия этилган. (Баённома № _________2014)

Такризчилар: СафароваФ.И. - ТАТУ “Чет тиллар” кафедраси катта ўқитувчиси

Раджапов Б.С–ЎДЖИ “Чет тиллар кафедраси”доценти, педагогика фанлари номзоди

Тошкент Ахборот Технологиялари Университети, 2014.

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Contents

Lesson 1.Economy and business

Lesson 2.Bank and banking

Lesson 3.The Money

Lesson 4.Inflation

Lesson 5.Globalization

Lesson 6.Marketing

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Lesson 1Economy and business

1. Learn new vocabulary.

aims/objectives=the things that you hope to achieve

to make a profit= earn/receive more money than it spends

make a loss=The company operated at a loss last yea

break even=the level of commercial activity at which the total cost and total revenue of a business enterprise are equal

turnover=the amount of business, usually expressed in terms of gross revenue, transacted during a specified period

expenditure=outlay , cost , expense , charge , expense

raw materials=materials used in their natural state used to make something else

labour=employees

overheads=necessary costs for a company(rent for building)

borrow=to obtain or receive (something, such as money) on loan for

investment= put money in capital

grow/expand=get bigger

thrive/prosper=do well/be successful

low inflation=prices do not go up

low interest rates= company borrows money without paying a lot of interest

economic and political stability=things remain steady and stable

healthy/strong economy = in good condition

tax cuts=tax reduction/lower taxes

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1.1 Reading. Business and profit

Economics is the social science that studies the production,distribution, and consumption of goods and services..….” A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay: "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses."

Most businesses need to borrow money to finance investments. The money they borrow from the bank is called a loan, and on this loan they have to pay interest, e.g. If you borrow $1.000 and the interest rate is 10% , then you have to pay back $1,000 plus $100 in interest

One of the main aims of a company is to make a profit. If a company does not make a profit or a loss, it breaks even. Most companies are happy if they can break even in their first year of business. Companies receive money from selling their products-this money is called the turnover. The money that they spend is called the expenditure. They spend money on these things: raw materials, labor, overheads.

1.2 Rise and fallBusiness people often need to talk about the movement of sales, prices, interest rates, profit and loss. The following words are used to describe these trends (movements)

rise /go up/increase, rise slowly (gradually), rise sharply,

fall/go down, fall slowly, go down sharply

1.3Give the single word or phrase for the following definitions

1. Money you borrow from a bank for your business.2. What you must pay the bank if you borrow money.3. The continuous increase in the price of things.4. The things you hope to do/ achieve within a period of time.5. When a company does not make a profit or loss.6. When an economy is in a period of reduced and slow business activity.

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1.4 Replace the underlined words(s) in each sentence with another word that has the same meaning.

1. There has been a slow rise in sale.2. This comes after a dramatic fall last year.3. Fortunately the company is doing well now.4. And it’s growing very quickly.5. This is one of their main objectives.6. Profits have risen considerably.

1.5 Describing the line graph

The line graph below shows changes in the amount and type of fast food consumed by Australian teenagers from 1975 to 2000.

1) Introduce the Graph

Firstly, paraphrase the title of the graph, making sure you put in a time frame if there is one.

The line graph illustrates the amount of fast food consumed by teenagers in Australia between 1975 and 2000, a period of 25 years.You can see this says the same thing as the title, but in a different way.

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2) Give an Overview

You also need to state what the main trend or trends in the graph are. Don’t give detail such as data here – you are just looking for something that describes what is happening overall. One thing that stands out in this graph is that one type of fast food fell over the period, whilst the other two increased, so this would be a good overview.

Here is an example:Overall, the consumption of fish and chips declined over the period, whereas the amount of pizza and hamburgers that were eaten increased.This covers the main changes that took place over the whole period. You may sometimes see this overview as a conclusion. It does not matter if you put it in the conclusion, but you should provide an overview in one of these places.

3) Give the Detail

You can now give more specific detail in the body paragraphs. When you give the detail in your body paragraphs, you must make reference to the data. The key to organizing your body paragraphs is to group data together where there are patterns. To do this you need to identify any similarities and differences. Look at the graph – what things are similar and what things are different?

As we have already identified in the overview, the consumption of fish and chips declined over the period, whereas the amount of pizza and hamburgers that were eaten increased. So it is clear that pizza and hamburgers were following a similar pattern, but fish and chips were different. On this basis, you can use these as your ‘groups’, and focus one paragraph on fish and chip and the other one on pizza and hamburgers.

Here is an example of the first paragraph:In 1975, the most popular fast food with Australian teenagers was

fish and chips, being eaten 100 times a year. This was far higher than pizza and hamburgers, which were consumed approximately 5 times a year. However, apart from a brief rise again from 1980 to 1985, the consumption of fish and chips gradually declined over the 25 year timescale to finish at just under 40 times per year.

As you can see, the focus is on fish and chips. This does not mean you should not mention the other two foods, as you should still make comparisons of the data as the questions ask. The second body then focuses on the other foods.

In sharp contrast to this, teenagers ate the other two fast foods at much higher levels. Pizza consumption increased gradually until it overtook the

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consumption of fish and chips in 1990. It then leveled off from 1995 to 2000. The biggest rise was seen in hamburgers, increasing sharply throughout the 1970’s and 1980’s, exceeding fish and chips consumption in 1985. It finished at the same level that fish and chips began, with consumption at 100 times a year.

Lesson 2BANK AND BANKING

1. Learn new vocabulary

account = the place where your money is keptafford = to have enough money for somethingagreement = written promise made by two or more people, companies or countriesautomatic teller machine = a machine outside a bank that you use to get money from your accountbankrupt = to go out of businessbill = a written piece of paper that shows how much you must pay for somethingbill = a written suggestion for a new lawcash = banknotescash-free = without moneycirculation = movement, flowcredit card = a small plastic card that lets you buy things and pay for them latercustomer = a person who buys thingsdeal with = work with, offerdepositor = someone who puts money in a bankexpense = the amount of money that you spend on somethingglobal = worldwideinsurance = the money you pay regularly to a company; it pays for a damage if something bad happens or if you become ill

interest = the extra money that you must pay back when you borrow moneyinterest rate = the percentage amount that banks give to savers when they leave their money there or charge customers when they borrow moneyinvestor = a person who gives money to a company or a business and wants to make a profitloan = the amount of money that you borrow from a bankmortgage = agreement between a customer and a bank in which it lends you money to buy a house; you have to pay back the money with interest over a longer period of timepayment = monthly sumpercentage = part of a wholeprofit = income, extra moneyprovide = give, offerraise = collect, gathersalary = the money you get every month for doing your jobservice = help or other types of work that you offer a customersign = to put your name on a documentstandard = guideline, rulestock = a share of a companytechnology = machines, know-howvaluable = very expensive, costly

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that it can work with the money. This is one of the reasons why people save their money in a bank. Money may also be safer there than at home.Banks also lend money to other businesses and customers. They collect extra money called banking fees with

which they pay interest to savers as well assalaries for their workers. Banks make a profit because they collect more interest than they pay to savers.Without banks the world’s economy would not be able to grow. Investors would not find the money they need for new projects. Industries could not buy new machines and modern technology.

  1.2 Types of banks

Commercial banks are the most important banks. They offer many services, different forms of accounts and also loans. While, at first, commercial banks only offered its services to businesses and companies, they are for everyone today.

Investment banks do not take or keep the money of individuals. They help organizations and large companies raise money on the international financial markets.Central banks manage the banking system in a country. The Federal Reserve in the United States and Bank of England are twoprominent banks that take over these tasks. The European Central Bank is responsible for the circulation of money in the Euro zone.

Online banks can often give their customers more interest because they do not have the expenses that physical banks do. They can beaccessed over the internet and are becoming more and more popular.

Savings and loans are banks that specialize in financing houses. Although interest rates are higher such banks offer up to 30-yearmortgages. Customers pay back their loan through a monthly payment that they can afford.Development banks are financial organizations that help Third World Countries. They not only provide money for nations in Africa, Asia and South America, but also send aid workers and offer technical help.

1.3 Checking test

1.Some banks sell ………………………..a) insurance b) ATMs c) houses

2. Development banks

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a) help customers find the right savings form b) offer mortgages to customers c) help Third World countries

3. Investment banksa)let small savers open savings accounts b) raise money for companies and businesses c) do not charge interest

4. In most countries the governmenta) tells banks how much money they can offer as loans b) lets banks decide how much money they can keep back as cash c) asks banks to give little interest to customers with savings accounts

5. Banks make a profit when theya) collect more interest from people who take loans b) give savers more interestc) give customers more credit cards

1.4 Complete the sentences using the following words

1. A bank is a place that works with money. 2. If you want to save your money youcan________  it in a bank __________ and get ________ for it. 3. If you want to buy a house or a new car a bank offers you a _______ that you can pay back within months or years. 4. Banks also give businesses the money they need to grow and expand.5. Today’s banks offer their customers a large range of ________. 6. They operate ATMs where you can __________money, even if the bank is closed. 7. A credit card is a piece of plastic that allows you to buy things all over the world. 8. Most banks give you __________ on how to get the most out of your savings. 9.They deal with _________ and bonds; some of them even offer ____________ policies.10.There are different types of banks. 11._____________ banks are among the most important. 12.Everyone can open an account or borrow money from them. 13.Investment banks normally do not work with money from ________. 14.They help organizations and large businesses ___________ money on the international _______ markets.15.Central banks control the ___________ of money in a certain area. The European Central Bank in Frankfurt is _____________ for the value of the Euro, the

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account      advice      aid      circulation      commercial      deposit    

  development   financial      individuals      insurance      interest     

loan      raise      reserve   responsible      services      stocks      withdraw

Federal__________bank controls circulation and the value of the US dollar.16.___________ banks help Third World countries not only with loans but also send ____________workers and give them technical help.

1.deposit 2.account 3.interest 4.loan 5.services6.withdraw7.advice 8.stocks 9. insurance10.commercial 11.individuals12.raise13. financial 14.circulation 15.responsible 16.reserve17.development 18.aid

1.5 Underline thесorreсt word or phrase in eaсhsentеnсе.

a) Doгaearns/gains/winsmorе money in hеrjоb than I do.

b) Thеfaсtoryworkеrsaskеd for a risе in thеirinсomе/rеwаrd/wages.

с) Paul borrowed/lent/loаnseldomemonеy from mе but didn,t pay it baсk.

d) I’m sorry, but wе don’t aссеptсrеditсards, onlyсаsh/сoins/moпеу.

е) Is it all right if I pay with cheque/by cheque/from сheque?

f) Wе don’t exсhangе goods unlеss you still havеthеbill/сheque/rесeipt.

8) I’m afraid I’vе only got a €50 notе. Do you havесhапge/moneу/rеst?

h) I still debt/owe/own thе bank morеthan $5000.

Lesson 3 THE MONEY

1. Learn new vocabulary

advantage = good side about somethingarch = a building with a curved top and straight sides

barter = a system without money; you exchange goods for other goodscame into use = to start to usecattle = cows

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central bank = a national bank that controls the money in a countrycirculation = the money that all the people in a country havecoin = a round piece of metal that is used as moneycommon = if a lot of people use somethingconstant = always the samecourse of time = as time went oncurrency = the money that a country usesdeposit = a safe place where you put money or a lot of goldeconomic =financialexchange =trade; to give someone something for something elseexplain =to make clear; to put in simple wordsfixed value =always worth the samefur = the thick soft hair of an animalgoldsmith = someone who makes or sells things made of goldgoods =productsgrain =seeds of corn, rice, wheat and other crops that are collected and used for foodgunpowder =material used to make bombs and fireworks

increase = to go upjoin = to become a member of

lend = to let someone borrow money from youlose =drop, go downnail = a thin pointed piece of metal that you hit with a hammerofficial =something that is allowed in a countrypredict = to say that something will happenprotect =defend, guardreal =truerealise = to find outrise = to go upservices = The work that someone does for a personsign = to write your name on a document or an important piece of papersingle currency = the money that many countries havestamp = to put a sign on a coinstock exchange =place where stocks or parts of a company are bought and soldthe design = motifs, pictures etc..thought to be =said to beto design = to make a drawing or plan of somethingtouch =to feel with your handtrade = buying goods from and selling goods to other countriestribesman = a man who is member of a big family that is ruled by one leaderunify = to bring togethervaluable = worth a lot of moneyvalue =what something is worthvarious = differentweigh =how heavy something is

1.1 Reading. The MoneyMoney is something that is very difficult to explain. People

in various cultures think of money in different ways. A London banker and an African tribesman have different ideas of what money is.Many people think of money as a currency –metal coins and paper bills. We need it to buy the things in life that we need. We also get money for the work that we do. So, money is a way of exchanging goods and services.

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1.2 The History of Money

In early civilizations people did not have money. They traded objects. Maybe a hunter had more animal furs than he could use and his neighbor might have caught more fish than he could eat himself. They soon saw that they needed each other. The fisherman needed furs to protect himself from the cold and the hunter needed something to eat, so they exchanged their goods. This is called barter.Barter also had disadvantages. If there weren’t any more people who needed the hunter’s furs he couldn’t trade them for the things he needed.

1.3 Early Forms of MoneyAs time went on, people used things that were valuable as a kind of money. Cattle was one of the earliest forms of money. People who had many cows were thought to be very rich. Later on, grain and salt were common forms of money. They had advantages because you could weigh them.The Aztecs used cacao beans as money. They were valuable and easy to carry. The early American colonists used gunpowder, tobacco and nails as

money. These things were very rare.In the course of time people searched for better ways of trading goods. They found out that metal, especially gold and silver, was very valuable.

Some historians believe that the first coins were made at around 700 B.C. by the Lydian’s. The Greeks and Romans also had silver and gold coins. Their value was guaranteed by the government.But it was not until the late Middle Ages that coins became common throughout Europe. Metals were stamped and coins had to have a certain weight. People knew how many coins they needed to buy something because they had a fixed value.

1.4 Paper moneyPaper money came into use about 300 years ago. The idea came

fromgoldsmiths who gave people pieces of paper in exchange for their gold. Thesebills could be exchanged for their gold later on. They told you that real gold and silver existed somewhere.

Until the middle of the 20th century governments all over the world had deposits of gold that was worth as much as the money they gave to their people. Paper money had many advantages. It was cheaper to make and easier to carry around.But there were also dangers. Governments could produce as much paper money as they wanted. If they produced too many banknotes and gave them to the people,

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they would have too much money to spend. If there were not enough goods to buy, prices would go up. The money then would lose its value. We call this inflation.

Today, the amount of money in circulation is controlled by central banks. They make sure that paper money has a constant value.In the second half of the 20th century people realized that they didn’t have to carry money around to buy the things they needed. Information about money was sent from bank to bank, so you could have your money transferred from one place to another without touching it.

1.5 Credit cards

Today, more and more people use credit cards to buy things. You don’t have to take real money with you. With a credit card the bank lends its customer money to buy something. The customer signs a small slip of paper and the shop assistant sends it to the bank and gets his money at once. A few weeks later the customer pays the money back to the bank. 

1.6 The Euro

 In 1991 the leaders of the European Union got together in Maastricht, the Netherlands and agreed on creating a single currency for all of Europe.On January 1, 2002, the Euro became the official money in twelve of the fifteen EU nations. Only Great Britain, Sweden and Denmark

wanted to stay with their old currency.In 2004, ten central and eastern European nations joined the EU. They

will decide later on if they want to join the Euro zone.When banks and stock exchanges began using the Euro in 1999 it was worth 1.17 US dollars. Shortly afterwards it became weaker and fell to 0.80 US dollars, but since 2002 its value has risen constantly , almost up to 1.30 US dollars.The colorful euro banknotes were designed by the Austrian Robert Kalina. They range from € 5 to € 500 and have a map, the EU flag, as well as arches, bridges and windows on them.

There are eight coins — ranging from 1 cent to 2 Euros. One side of the coins all look the same but on the other side each country has its own national design.People in favour of introducing the Euro argue that the European currency will increase trade among European countries. It could also unify the union and make it stronger. Many economic experts also predict that the Euro can compete with the US dollar as an important international currency.

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1.7 Answer the following questions.

1. What did early civilization use as money?

2. What disadvantages did the system of barter have?

3. What did the American colonists use as money?

4. Which metal became very valuable during the middle ages?

5. Who guaranteed the value of coins?

6. When did paper money come in to the use?

7. Where did the idea come and why?

8. What happens when a government produces too much paper money?

9. Why do many people buy goods with credit cards?

1.8 Put the sentences about Euro in to correct order.

their own currencies. The Euro banknotes were designed by the

say that the Euro will become a strong currency and it will help

and bridges on them. There are one eight coins-from cent to two

On January 1, 2002 the Euro became the official currency of twelve EU 1

other side countries have their own national desighnes. Many experts

Austria Robert Kalina. They have a map, the EU flag, windows, arches

states. Only Sweden, Denmark and Great Britain decided to stay with

unify the European Union and make it together.

Euros. One side of the coins look the same in each country, but on the

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1.9 Answers the questions as quick as possible

1. Is the currency in America called the dollar?

2. Is a five-pound note worth less than a fifty-pence piece?

3. If you lend something to someone, do they borrow it?

4. If you waste money, do you use it well?

5. Is “sterling” a currency?

6. If you can’t “afford something”, do you have enough money for it?

7. Does’cost of living’ mean the same as standard of living?

8. If someone tells you a hotel is reasonable, is it very expensive?

2. Write down the approximate price of six things in your country, e.g. a daily newspaper, a short bus journey, a cup of coffee in a bar/café, a ticket for the cinema, a takeaway hamburger, a pair of jeans… Do you think the price expensive, reasonable, cheap?

2.1 Complete the sentences using the following words

bartercheapercredit cards customersdisadvantagesexchanged

goldsmithsgovernmentsguaranteedinflationmetalpays

pricessignstamptobaccotransferredvaluable

In early civilization people___________ goods in a system called ____________.This however, also had some ________. If someone else didn’t need what you had to offer you couldn’t get other things in return. As time went on people used objects that were _______________ as a form of money. Grain, salt, __________or cacao beans were used in the Middle Ages. Later on round pieces of _____________, especially gold and silver became a popular form of money. Governments put a ___________________ on them and ___________ their value.

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About three hundred years ago _____________ started to give people pieces of paper in return for their gold. This was the beginning of paper money.

In the 20 th century ________________ started to produce paper money for the gold that they had. It was easier to carry around and ____________ to produce. But if a government gave its people too much paper money, they would have too much to spend and ________________would go up. This is called____________.

During the second half of the last century banks stopped giving their ___________ a lot of money if they needed it. Instead they _______________information to other banks.Today, lots of people use ________________. When you want to buy something you show the shop assistant the money at once and the customer _____________ the money back after a few weeks.

2.2 Fill the gaps using the past tense of verbs

buy spend lose pay cost sell win waste find give

1. My car was five years old, so …….I it and …………….a new one.

2. I was very sad when I……………..my watch in the street. It was a present from my wife and it ………..her a lot of money. Fortunately, somebody …………….it the next day and took it to a Police Station.

3. I……….over $400 for my computer, but now it isn’t worth very much.

4. My father …………….me $50 last week but I ………..most of it on a ticket for a consert on Friday.

5. Last week somebody……………..$1million in a game on television. It was increadibly exciting.

6. I am afraid I…………..my money on those CDs because I never play them.

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Lesson 4INFLATION

1. Learn new vocabulary

brand = verycause = reasoncentral bank = a bank that controls how much money there is in a country; it also lends money to other bankscompare = to see how different or the same two things areconsumer = a person who buys thingscurrency = the type of money a country hasdemand = wanteconomy =the system of money and products in a countryeffect = the changes that happenenergysupply = forms of energy that a country needs for its economy ,like oil, coal, wood etc..goods = productsinterestrate = the percentage that you have to pay to banks when you borrow money from them or the percentage that you get when you have money in the bank

loan = the money that you borrow from a bankmeasure = calculatepetrol = liquid from oil that is used to run carsraise = move up, make higherrawmaterials = basic thing that industries need like oil, gas, coal etc…rise = go upsign = signalstuck = here: they cannot sell productstax = money that every person must pay to the governmentuncertainty = you are not sure about thingsunemployed = out of workvalue = the money that something is worthwages = the money a worker gets for his work in a month

Older people often talk about how cheap things were when they were young. A brand new car may have cost only $5,000 compared to $20,000 today, or petrol that cost only a few cents in the 60s costs over a dollar today. Inflation happens

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when money loses some of its value. We measure the rise of inflation in percent. For example, 2% inflation means that a 1$ bottle o milk will cost $1.02 next year.

1.1 Causes of InflationInflation has many causes. In times when the economy is good and people

have enough money they want to buy more products than factories can produce, so the prices go up.Inflation can also happen when workers demand more money or when the raw materials that producers need rise in price. The end product becomes more expensive and has to be sold at a higher price.

Some economists’ say that central banks do not do enough to control how much money there is in a country. There may be more money around than there are goods. Consumers want to buy more products, the demand gets higher and prices go up. Sometimes low interest rates on loans make people borrow money to buy houses or cars. These prices go up as well.

Inflation is not produced by one country alone. Sometimes a country cannot control the price of certain goods as it would like to. A country that does not have any energy supplies of its own has to import energy. It has to pay a high price for oil and gas.

Inflation in the past happened in times of crisis, war or conflict. Government printed too much money and didn’t have the goods that people could buy. This happened in the final years of World War II. By the end of the war German currency was not even worth the paper on which it was printed.

1.2 Effects of InflationInflation is a sign that the economy is growing. It is normal when prices go

up only a few percent every year. High inflation, on the other hand, leads to uncertainty in the population.Industries may not want to borrow money and invest when inflation is high. People don’t want to buy goods any more. Factories may get stuck with products they cannot sell and as a result workers get unemployed.

It is very difficult to fight inflation. Banks can control interest rates and

make it difficult for people to get loans and have more money. Governments have

an effect on inflation when they raise or lower taxes. They can also try to control

wages and prices as far as possible.

1.3 Answer the following questions

1. Name a few causes of inflation?2. How central banks control inflation?3. Sometimes a country cannot control inflation Why?

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4. What role did inflation play in World War II?5. What happens if inflation gets too high? How do economies react?6. How can governments influence inflation?

1.4 Give the explanation for the words in English.

Wages________________________________________________________Taxes_________________________________________________________Loan__________________________________________________________Raw materials__________________________________________________Interest rate___________________________________________________Central bank___________________________________________________Economy______________________________________________________Energy supply__________________________________________________

1.5 Are these statements True or False.True False

1 Inflation can happen when raw materials drive prices up2 The German government printed a lot of money during World

War II but there were no goods to buy 3 When people want to buy more and more goods the inflation

rates go down4 Inflation is a sign that the economy is growing5 When governments raise taxes the inflation rates goes up 6 When inflation is too high it is difficult for people and factories

to borrow money from banks7 Inflation can also come from imported products

1.6 Put the lines in correct order. energy rises. Economists say that governments and banks

demands more wages and the products becomes more

inflation by raising or lowering the interest rates. Governments

Inflation often occurs when people have much money and

expensive. Inflation can also happen when the price of

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can give the people more or less money to spend by

want to buy a lot of goods. When prices go up, workers

must do more to fight inflation. Banks can influence

raising or lowering taxes

Lesson5Globalization

1. Learn new vocabulary

advantage = the good side of somethingage = period of historyargument =reasonsbusiness = companycause =lead toclose down = to stop producing goodsconnect = to link togetherdebate = discussiondeveloped countries = rich , industrialized countriesdisease = illnesseconomy =the system of producing goods and products in a country and selling themenvironmental = everything that is about the air, water or land around usespecially =above all, more than othersexchange = to give someone something and get something else in returnfactory = building in which you produce goodsfarther =here: over greater distancesfirm = companyfocus on = concentrate onG8 = Group of 8 = the most important industrialized countries in the worldgoods = things that you produce and sell

government =the people who rule a country

law = rules that a country hasleader = the most powerful person of a countrymake sure = to check that something has been donemerchant = someone who buys and sells goodspace = speedpoint out = to showproduce = makepull out = take outreach = get toSilk Road = an old route on which silk was carried from Europe to Central Asiaspread =to move from one place to anothersteam—powered =run by a steam engine ; power is produced by making water hot so that it turns into a gassteel = a strong metal that you can formsummit = meeting for powerful leaders of a country

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teleworker = someone who works from home and uses a computer, telephone trade = to buy and sell goods

unemployment = if you don’t have a job

1.1 Read the text. Globalization

Your shirt was made in Mexico and your shoes in China. Your CD player comes from Japan. You can travel to Moscow and eat a Big Mac there and you can watch an American film in Rome. Today goods are made and sold all over the world, thanks to globalization.Globalization lets countries move closer to each other. People, companies and organizations in different countries can live and work together. We can exchange goods , money and ideas faster and cheaper than ever before. Modern

communication and technology, like the Internet, cell phones or satellite TV help us in our daily lives.Globalization lets countries move closer to each other. People, companies and organizations in different countries can live and work together. We can exchange goods , money and ideas faster and cheaper than ever before. Modern communication and technology, like the Internet, cell phones or satellite TV help us in our daily lives.Globalization is growing quickly. A German company can produce cars in Argentina and then sell them in the United States. A businessman in Great Britain can buy a part of a company in Indonesia on one day and sell parts of another business in China the next, thanks to globalization. Fast food companies open shops around the world almost every day.

1.2 History of Globalization

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Globalization is not new. For thousands of years people have been trading goods and travelling across great distances. During the middle Ages, merchants travelled along the Silk Road, which connected Europe and China.The modern age of globalization started with the Industrial Revolution at the end of the 18th century. New machines were able to produce cheaper goods. Trains and steam-powered boats transported products farther and faster.

Since 1980, globalization has been moving at a faster pace. Today it is easier for companies to work in other countries. The Internet gives them the chance ofreaching more customers around the world. Teleworkers work for firms that may be far away.

However, there is a growing debate over globalization. Governments are in favor of globalization because the economy can grow. Other people are not so sure that there are only advantages.

1.3 Good sides

Globalization lets countries do what they can do best. If, for example, you buy cheap steel from another country you don’t have to make your own steel. Youcan focuson computersorotherthings.Globalization gives you a larger market. You can sell more goods and make more money. Youcan create morejobs.Consumers also profit from globalization. Products become cheaper and you can get new goods more quickly.  Globalization causes unemployment in industrialized countries because firms move their factories to places where they can get cheaper workers.Globalization may lead to more environmental problems. A company may want to build factories in other countries because environmental laws are not as strict as they are at home. Poor countries in the Third World may have to cut down more trees so that they can sell wood to richer countries.

Globalization can lead to financial problems. In the 1970s and 80s countries like Mexico, Thailand, Indonesia or Brazil got a lot of money from investors who hoped they could build up new businesses there. These new companies often didn’t work, so they had to close down and investors pulled out their money.

Some of the poorest countries in the world, especially in Africa, may get even poorer. Their population is not as educated as in developed countries and they don’t have the new technology that we do.Human, animal and plant diseases can spread more quickly through globalization. Many experts say that we need a different kind of globalization in our world today. There must be ways to make sure that all countries profit from the good sides of globalization. We should help poorer countries by giving them better education and showing them

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how new technology works.Every year, leaders of the world’s biggest industrial countries get together to discuss economic problems. This meeting is called the G8 summit. In the last few years groups against globalization have organized protest marches and demonstrations to point out that not everyone is happy with how the world’s economy is developing.

1.4 Answer the following questions

1. What is globalization?2. How did economy and trade change during the Industrial Revolution?3. What are teleworkers?4. Why do many experts think that we need a different form of globalization

today?5. What is the G8?6. What are the advantages and disadvantages of globalization?

Advantages Disadvantages

1.5 Essay

As the head of a multinational company you are planning to open up a factory in a third world country. Write a letter to a government official in which you want to convince him/her that this will be a good investment for the country.

1.6 Formal letter structure

First paragraphThe first paragraph should be short and state the purpose of the letter- to make an enquiry, complain, request something, etc.

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The paragraph or paragraphs in the middle of the letter should contain the relevant information behind the writing of the letter. Most letters in English are not very long, so keep the information to the essentials and concentrate on organising it in a clear and logical manner rather than expanding too much.

Last Paragraph The last paragraph of a formal letter should state what action you expect the recipient to take- to refund, send you information, etc.

1.7 Rules for Writing Formal Letters

In English there is avariety of settlements being used when writing a formal or business letter. Moreover, you should focus on writing as simply and clearly as possible, and not to make the letter longer than necessary. Bear in mind not to use informal language like contractions.

Addresses:

1) The Address of the sender (Yours address)The address should be written in the top right-hand corner of the letter.2) The Address of the recipientThe address should be written on the left, starting below your address.

Date:Different people put the date on different sides of the page. You can write this on the right or the left on the line after the address you are writing to. Write the month as a word.

Salutations: 1) Dear Sir or Madam,If you do not know the name of the person you are writing to, use this. It is always advisable to try to find out a name.2) Dear Mr (Ms) [Last Name],If you know the name, use the title (Mr, Mrs, Miss or Ms, Dr, etc.) and the surname only. If you are writing to a woman and do not know if she is married, you can use Ms, which is for both married and single women.

Formal letter ending:1) Yours faithfully

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If you don’t know the name of the person you are writing to, end the letter this way.2) Yours sincerelyIf you know the name of the person, end the letter this way.3) SignatureSign your name, and then print it underneath the signature. In a case a person you are writing to does not know whether you are male or female, put you title in brackets after your name.

1.8 Useful phrases for writing formal letters

Greeting recipientDear SirDear MadamDear Sir/MadamDear MrLastNameDear MsLastName

Explaining reasonI am writing in response to your advertisement/article/ letterI am writing with regard to your advertisement/article/ letterI am writing regarding your advertisement/article/letter

EndingsI look forward to receiving your replyI look forward to your replyI look to hearing from youI am, yours faithfullyI am, yours sincerelyYours faithfullyYours sincerely

1.9 A letter in application for a job

Dear Sir/Madam,I am writing this letter to apply for the position of student assistant that I saw

advertised on your website. I am interested in working in the teachers' resource library, or in the accommodation department.

I have recently graduated from the WSB Business School in Warsaw and received high grades in both my English and Business Courses. In addition, we had

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to use all of the Microsoft Office programs in the preparation of our finished assignments, so I am able to do most things with computers.

Since I was 15 years old I have helped my father to run his small import-export business. I have been involved in helping a variety of clients and also the general administration of the business. In the past 2 years I have worked in the WSB library, helping teachers and students to find and use the resources there. This experience has given me the ability to deal with the needs of all types of people.

I have an outgoing, diligent personality and find that I enjoy the challenges of working in busy environments. In addition, my studies and experience have taught me to be accurate and efficient in organising my work so I would be a valuable addition to your school.I look forward to hearing from you.Yours faithfullyPawel Minescz

2. Complaint letter from a business customer to a telephone companyDear Sir,

I am writing this letter to complain in the strongest terms about the poor service that I have received from your company.

We signed up to your telephone and internet service package two months ago because your advertising suggests that you are better than Telco. In addition, you promise to deal with problems quickly and efficiently, something that Telco were unable or unwilling to do.

However, in the first month of service you managed to cause me to lose two days worth of business because of poor administration. The main problem was that you failed to provide me with the correct telephone number, 9818 8747, that you had promised when I completed the contract. This phone number was an established business line which I had been using for the last three years. Obviously this meant that my clients were unable to contact me and it cost me many hours of phone calls to resolve the matter with your support centre.

I would appreciate it if this situation could be resolved and a substantial rebate offered on my first three month's account.I look forward to hearing from you soon.Yours Faithfully

Complaint letter from business to business.Dear Mr Thompsen,

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I recently received a letter from a Mr Robinson, a valued customer of ours. He purchased an Italian coffee table and four French dining-room chairs from us which your company delivered to his residence.

He has written to complain that the purchases arrived damaged. We pride ourselves in the quality of our products and would like an explanation as to how this mishap occurred. Even though the items are insured, our reputation is at stake.

I would be most grateful if you would reply as soon as possible so that this matter can be resolved to everyone's satisfaction. SincerelyJackie MiddletonCustomer Services Manager

Lesson 6 Marketing

1. Learn new vocabulary

after sales service=service that continues after the sale of a product (maintenance, etc.)agent=person or company that acts for another and provides a specified service.B2B e-commerce=business to business e-commerce :B2C e-commerce=Business to consumer e-commerce :online =sale of goods and services directly to consumers.Benchmarking=Comparing one's products to those of competitors in order to improve quality and performance.Buyer=1) Any person who makes a purchase.2) A person employed to choose and buy stock for a company.cash refund offer=Offer to pay back part of the purchase price of a product to customers who send a "proof of purchase" to the manufacturer.chain store=Two or more shops or outlets that have the same owner and sell similar lines of merchandise.

Client=A person who buys services or advice from a lawyer, an accountant or other professional.convenience store=Small shop located near a residential area that opens long hours, seven days a week.Deal=A business transaction.department store=A large shop or store that carries a wide variety of product lines.direct investment=Entering a foreign market by setting up assembly or

manufacturing facilities in that country.Discount=A reduction in price.e-commerce= Buying and selling by electronic means, primarily on the internet.e-marketing= Promotion of products and services over the internet.follow-up= Maintain contact after the sale to ensure customer satisfaction.joint venture=A way of entering a foreign market by joining with a

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foreign company to manufacture or market a product or service.mark up=Percentage of the price added to the cost to reach a selling price.opinion leader=Person with a reference, who, because of competence, knowledge, or other characteristics, exerts influence on others.Packaging=Designing and producing the container or wrapper for a product.

product line= A group of products that are closely related.Prospect=A potential customer.Representative=A person who represents and sells for a company.retail To sell in small quantities, as in a shop, directly to customers.telephone marketing= Using the telephone to sell directly to customers.trade fair=An exhibition at which companies in a specific industry can show or demonstrate their products.

1.1 Read the text. Marketing.

Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that also benefit the organization and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.There are five competing concepts under which organizations can choose to operate their business: the production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept.The four components of holistic marketing are relationship marketing, internal marketing, integrated marketing, and socially responsive marketing. The set of engagements necessary for successful marketing management includes capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, creating long-term growth, and developing marketing strategies and plans.

1.2 Sales and market

There are a number of words which combine with sales and market to form compound nouns and word partnership which are very common in marketing.

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Sales figures: the amount you have sold Sales target: the amount you would like to sell in a future period. Sales forecast: the amount you think you will sell in a future period, Sales representative: a person who sells a company’s products; abbreviated to sales rep Sales /marketing manager: the person who runs the sales/marketing

department Market research: collecting and studying information about what people

want and need Market share: the % of a market that a company has, eg 20% market share Market leader: the company or product with the biggest market share

1.3 Form compound words and word partnerships Sales market manager share figures marketing leader research department forecast

1. A sales………………is what you think you are going to sell during a future period.

2. The marketing……… will be responsible for all the activities in the marketing……..

3. Sales ………..tell you how much you have sold of a product.4. The…………..is the company with the largest market……..in a particular

market.5. Market …………….gives you information about what people want, need

and buy.

1.4 What knowledge is necessary to be a good sales rep? Complete this text and then try to add a further sentence of your own.

First of all a good sales (1)…………needs to have an excellent knowledge of their company’s (2)…………Secondly, he or she needs to know all about the(3)……….of their main (4)…….Thirdly, a sales a representative should be familiar with the needs of (5)………in their company’s most important (6)……………………..

1.5 Complete this word- building table.Noun Adjective Noun Adjective

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……………..……………..

ExcitingGlamorous

PrestigeLuxury

………………………….

CompetitionFashion

………………….………………….

………………………………

ReliableDangerous

1.6 Answer the questions about the company in Uzbekistan. Compare the answers with your partner.

1. Which company is the market leader in the motor car industry in Uzbekistan?

2. Do you its approximate market share?3. Which companies are its main competitors?4. Write down the names of at least two cars that have been launched in the

last six months.

1.7 Activity"Press Conference"

This is called "Press Conference" and it's great for small groups and classes of about six people and up. It stresses listening, speaking, and overall conversation. And it's fun!

Divide the students into two groups: the "company" and the "press." The company should be about two to five people, any more than five and you'll invariably have some students dominating the discussion while other students remain silent. The "press" is the rest of the class.

Either you or the "company" come up with a faulty product For example: o blonde hair dye that turns your hair blueo a car that flips over if it takes a turn at over 40 mph o a bike that loses its wheel after a week o an action figure that breaks off into little pieces after you take it out of

the package Explain the product and its defect to the whole class.

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The goal of the game is for the "company" to keep as much of its profit and reputation intact, while the "press" tries to get the "company" to admit fault and promise refunds and/or a recall of their product.

This is a fun game, and it could potentially go for an hour or two, depending on how into it the students get. In my experiences, they love trying to trip each other up. If the discussion is lagging, you can always step in and ask the "company reps" a few questions yourself.

Another helpful thing to do is to write down words or sentences they've said incorrectly, or words you taught them that they keep forgetting or getting wrong, and go over this at the end of the "press conference."

1.8 Activity “Job interview”

Students in ESL classes (and some EFL classes) will eventually need to take job interviews as they integrate into society. It can be a touchy subject for many students as they societies they have come from may have very different employment environments. Also, students may be under pressure to find a job financially. In any case, job interviewing can make the best students nervous for a variety of reasons. One of the best ways to deal with this is to explain that job interviewing is a game, although an incredibly important game. It's important to pragmatically understand the rules and not get up in the difficulties of the job market. At the end of this lesson, you will find a number of links that students can visit to help understand job interviewing and improve their skills written especially for English learners.

Outline:

Distribute the work sheet to students in the class. Students should follow each of the instructions carefully.

In groups of three people, choose one person to interview for the positions, one to interview the job applicant, and one to take notes on the job interview.

Review notes taken after each interview and have students ask their opinion on how they could improve your job interviewing skills.

Have students switch roles and either interview another person, or take notes. Make sure that all students have taken notes AND interviewed so that they can understand the job interviewing process better.

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While students are in their groups, have them note disagreements on good job interviewing technique. At the end of the session have students to ask other students their opinions on these disagreements.

As a follow-up activity, have students go online and find a few jobs they would like to do. Have them write down their qualifications as practiced in class.

Practice your job interviewing skills in English using this exercise:

Job Interviewing: Directions

1. Visit a popular employment web site such as monster.com to search for positions. Put in a few keywords for jobs that you would like. Alternately, find a newspaper with jobs offered listed. If you don't have access to job listings, think of some jobs that you might find interesting.

2. Choose two jobs from the list of positions you have found that you would like to apply for. Make sure to choose jobs that match your skills in some way. The jobs do not need to be identical to the jobs you have had in the past, or to the subject you are studying at school. However, the jobs you choose should be related to the jobs you have done in the past, or the jobs you would like to do in the future as they relate to your studies.

3. On a separate piece of paper, write down your qualifications for the job. Think about the skills you have and how they relate to the job you would like. Here are some of the questions you should ask yourself when thinking about your qualifications:

o What tasks have I done at past jobs that are similar to the tasks required in this job advertisement?

o What are my strengths and weaknesses and how do they relate to the tasks required in this job advertisement?

o How do I relate to people? Do I have good people skills?o If I don't have any related work experience, how does the experience I

have / studies I've done relate?o Why do I want this job?

4. As a follow-up activity, go online and find a few jobs you would like to do. Write down your qualifications as you have practiced in class. Pretend you are interviewing. Take both sides, both as the person interviewed and the person interviewing.

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1.9 Match the punctuation marks and symbols

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ampersand apostrophe asterisk at backslash brackets bullet colon comma dash ellipsis exclamation mark full stop/period hash/number sign hyphen per cent sign question mark quotation marks semicolon slash/stroke underscore/under

strike

& () … %ampersand brackets ellipsis percent sign

‘ ! ?apostrophe bullet exclamation

question mark

* : . “”asterisk colon period

quotation mark

@ , # ;35

at comma hash semicolon

_ - – /under strike dash hyphen slash

СайдалиеваГулчехраСайдумаровна“Modern Economics”The methodical manual for the third year students in the direction of “Economy” and “Management”

ТАТУилмий-услубийкенгашида кўриб чиқилган ва нашрга тавсия этилган Баённома№________2014)

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ТATУчеттилларкафедрасиассистенти

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ТАТУчеттилларкафедрасимудири

Такризчилар: СафароваФ.И.______________________

ТАТУ “Чет тиллар” кафедраси катта ўқитувчиси

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Раджапов Б.С__________________

ЎДЖИ “Чет тиллар кафедраси” доценти, педагогика фанлари номзоди

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